TYO:3765

Sony to Acquire 22.93% Stake in GungHo Online Entertainment

Sony's (TYO:6758) unit, Sony Music Entertainment, has agreed to acquire 12 million shares in GungHo Online Entertainment (TYO:3765) from SON Financial for 2,385 yen per share, totalling about 28.6 billion yen, according to a Tokyo bourse filing on Friday.The transaction, expected to close on Dec. 30, will make Sony Music the largest shareholder in GungHo with a 22.93% stake, leading to a capital and business alliance between the two companies.The partnership will focus on joint development of smartphone, console, and PC games, as well as exploring new projects using Sony Music's intellectual property.Sony Music has committed to respecting GungHo's managerial independence as a listed company following the transaction.